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There had been an interruption in coverage and Credit Suisse now has officially a new man in charge of covering Air New Zealand. He "assumes" primary coverage with a Neutral rating, unchanged from the last report we have in our archive, dated 29 August 2016.

The November operating statistics highlighted the ongoing yield decline, says the new guy. While research by Credit Suisse suggests there should be some improvement on the horizon, this cannot prevent a reduction in forecasts. Estimates went down by -11%/-14%/-1% for FY17/18/19.

Price target declines to NZ$2.05 from NZ$2.25. Updated forecasts suggest Air New Zealand remains in a negative cycle as far as profits are concerned.

Current Price is $2.15. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY17:

Credit Suisse forecasts a full year FY17 dividend of 16.87 cents and EPS of 27.93 cents.At the last closing share price the estimated dividend yield is 7.85%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.70.

Current consensus DPS estimate is 24.9, implying a prospective dividend yield of 11.8%.

Current consensus EPS estimate suggests the PER is 7.1.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 16.87 cents and EPS of 21.47 cents.At the last closing share price the estimated dividend yield is 7.85%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.02.

Hellaby's board has accepted Bapcor's increased offer of NZ$3.60ps. The broker had already assumed success in its forecasts but notes there is a risk of any potential delay in divesting of non-core assets.

Buy and $6.85 target retained.

Target price is $6.85 Current Price is $5.88 Difference: $0.97If BAP meets the UBS target it will return approximately 16%(excluding dividends, fees and charges).

UBS forecasts a full year FY17 dividend of 13.50 cents and EPS of 24.60 cents.At the last closing share price the estimated dividend yield is 2.30%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.90.

Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 24.9.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 19.50 cents and EPS of 32.60 cents.At the last closing share price the estimated dividend yield is 3.32%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.04.

Credit Suisse forecasts a full year FY17 dividend of 28.00 cents and EPS of 32.00 cents.At the last closing share price the estimated dividend yield is 6.15%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.22.

Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 14.2.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 29.00 cents and EPS of 33.00 cents.At the last closing share price the estimated dividend yield is 6.37%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.79.

The analysts see sufficient parallels between a recent failed attempt to acquire AusGrid and the current one for DUET, while noting CKI was also bidding for AusGrid, to assume FIRB approval might not follow.

Deutsche Bank finds there is further risk if the ACCC/AER could take any issue with increased concentration of ownership of Victorian regulated distribution networks. No changes have been made.

Target price is $2.60 Current Price is $2.93 Difference: minus $0.33(current price is over target). If DUE meets the Deutsche Bank target it will return approximately minus 11%(excluding dividends, fees and charges - negative figures indicate an expected loss).

Deutsche Bank forecasts a full year FY17 dividend of 18.00 cents and EPS of 12.00 cents.At the last closing share price the estimated dividend yield is 6.14%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.42.

Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 29.3.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 19.00 cents and EPS of 13.00 cents.At the last closing share price the estimated dividend yield is 6.48%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.54.

Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 26.9.

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates DUE as Hold (3) -

Duet's board has recommended the acceptance of the sweetened $3.03ps offer from the Chinese-led consortium, in line with the broker's assumption. A shareholder vote will be held in April.

The broker expects the share price to close in on the offer price once it is clarified that the offer is exclusive of the interim dividend. FIRB remains a hurdle, but the broker expects approval to be granted. Hold and $2.80 target retained.

Target price is $2.80 Current Price is $2.93 Difference: minus $0.13(current price is over target). If DUE meets the Ord Minnett target it will return approximately minus 4%(excluding dividends, fees and charges - negative figures indicate an expected loss).

Ord Minnett forecasts a full year FY17 dividend of 19.00 cents and EPS of 10.00 cents.At the last closing share price the estimated dividend yield is 6.48%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.30.

Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 29.3.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 19.00 cents and EPS of 11.00 cents.At the last closing share price the estimated dividend yield is 6.48%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.64.

ERA's Dec Q "production" (the processing of stockpiled ore) was down 9% in the Dec Q due to scheduled maintenance. 2016 production improved by 17%, just ahead of the broker's forecast. Legacy contracts ensured a realised price of US$45/lb with spot having fallen as low as US$18/lb in the quarter.

The risk nevertheless remains that ERA will not be able to fund its rehabilitation program, with production set to fall in 2017, albeit majority shareholder Rio Tinto ((RIO)) has extended credit to cover any shortfall, the broker notes. Sell and 5c target retained.

Target price is $0.05 Current Price is $0.69 Difference: minus $0.635(current price is over target). If ERA meets the UBS target it will return approximately minus 93%(excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY16:

UBS forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 6.00 cents.At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.42.

Forecast for FY17:

UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 6.00 cents.At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.42.

Market Sentiment: -1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Hold rating retained as Generation Healthcare announced preliminary revaluations on its portfolio as at 31 December, which showed the weighted average cap rate has tightened 34 basis points to 6.67%.

Guidance had already been reiterated prior for DPS of 8.973, paid half yearly, note the analysts. In addition, the REIT also announced a $28.6m investment into the Epping Medical Centre in Melbourne plus the sale of its Bendigo asset for $11.35m. Price target drops to $2.02 from $2.08.

Target price is $2.02 Current Price is $1.93 Difference: $0.09If GHC meets the Morgans target it will return approximately 5%(excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Morgans forecasts a full year FY17 dividend of 9.00 cents and EPS of 10.30 cents.At the last closing share price the estimated dividend yield is 4.66%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.74.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 9.20 cents and EPS of 10.40 cents.At the last closing share price the estimated dividend yield is 4.77%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.56.

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

The near complete harvest of the winter crop is on track to match the FY11 record, the broker notes. The broker has upgraded earnings, offset by lost market share in receivals.

The broker notes ADM's divestment of its 19.9% stake last month removes an overhang but brings into question the value of the company's assets. The broker does see value for an international grain trader, but does not see another takeover bid in the near term.

Neutral retained. Target rises to $9.60 from $8.95.

Target price is $9.60 Current Price is $9.59 Difference: $0.01If GNC meets the UBS target it will return approximately 0%(excluding dividends, fees and charges).

UBS forecasts a full year FY17 dividend of 15.00 cents and EPS of 64.90 cents.At the last closing share price the estimated dividend yield is 1.56%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.78.

Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 24.00 cents and EPS of 55.80 cents.At the last closing share price the estimated dividend yield is 2.50%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.19.

Credit Suisse forecasts a full year FY17 dividend of 6.94 cents and EPS of 10.49 cents.At the last closing share price the estimated dividend yield is 2.93%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.59.

Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 21.3.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 7.37 cents and EPS of 11.11 cents.At the last closing share price the estimated dividend yield is 3.11%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.33.

The GBP30m acquisition price seems reasonable to the broker, funded by debt but leaving a still-strong balance sheet. Outperform and $4.67 target retained.

Target price is $4.67 Current Price is $3.75 Difference: $0.92If IEL meets the Macquarie target it will return approximately 25%(excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY17:

Macquarie forecasts a full year FY17 dividend of 13.80 cents and EPS of 17.20 cents.At the last closing share price the estimated dividend yield is 3.68%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.80.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 16.50 cents and EPS of 20.60 cents.At the last closing share price the estimated dividend yield is 4.40%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.20.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Industry statistics show a 15.8% increase in outdoor advertising revenue in 2016. The broker expects the out-of-home category to continue to benefit from the adoption of digital technology which will present new revenue opportunities and increase returns.

The broker retains an Accumulate rating on oOh!media and a $5.25 target.

Target price is $5.25 Current Price is $4.59 Difference: $0.66If OML meets the Ord Minnett target it will return approximately 14%(excluding dividends, fees and charges).

Ord Minnett forecasts a full year FY16 dividend of 14.00 cents and EPS of 16.00 cents.At the last closing share price the estimated dividend yield is 3.05%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.69.

Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 21.2.

Forecast for FY17:

Ord Minnett forecasts a full year FY17 dividend of 15.00 cents and EPS of 22.00 cents.At the last closing share price the estimated dividend yield is 3.27%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.86.

Credit Suisse forecasts a full year FY17 dividend of 14.38 cents and EPS of 23.97 cents.At the last closing share price the estimated dividend yield is 4.58%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.10.

Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 22.04 cents and EPS of 36.73 cents.At the last closing share price the estimated dividend yield is 7.02%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.55.

Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 10.0.

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates RRL as Accumulate (2) -

Regis' Dec Q production beat the broker's forecast by 2% and costs were 4% lower. Better operating cash flow also led to a beat on forecast cash balance.

As satellite pits are integrated into the main mine plan, the broker assumes production will hit the top end of guidance. This pipeline of organic growth, alongside attractive free cash flow and compelling dividend yield, make Regis the broker's preferred gold exposure.

Accumulate retained. Target rises to $4.00 from $3.80.

Target price is $4.00 Current Price is $3.14 Difference: $0.86If RRL meets the Ord Minnett target it will return approximately 27%(excluding dividends, fees and charges).

Ord Minnett forecasts a full year FY17 dividend of 12.00 cents and EPS of 25.00 cents.At the last closing share price the estimated dividend yield is 3.82%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.56.

Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 16.00 cents and EPS of 30.00 cents.At the last closing share price the estimated dividend yield is 5.10%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.47.

Current consensus DPS estimate is 18.3, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 10.0.

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates RRL as Buy (1) -

Regis' Dec Q production and sales were largely in line with the broker's forecasts and on track to meet FY guidance. First ore processed from Gloster made a contribution, with full production from Erlistoun expected by end FY17.

The broker sees Regis as offering an undemanding valuation on free cash flow yield and dependable production, with a focus on exploration. The miner is well placed to weather lower gold prices, the broker suggests. Buy and $3.08 target retained.

Target price is $3.08 Current Price is $3.14 Difference: minus $0.06(current price is over target). If RRL meets the UBS target it will return approximately minus 2%(excluding dividends, fees and charges - negative figures indicate an expected loss).

UBS forecasts a full year FY17 dividend of 16.00 cents and EPS of 27.00 cents.At the last closing share price the estimated dividend yield is 5.10%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.63.

Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 12.7.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 21.00 cents and EPS of 36.00 cents.At the last closing share price the estimated dividend yield is 6.69%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.72.

Following the acquisition of a 4.9% stake in Charter Hall Retail ((CQR)). Credit Suisse has decided to investigate the potential merits of a full tie-up between the two entities.

Bottom line: the combination between the two still looks expensive and CS finds there is "better value and thematic appeal" in Scentre Group ((SCG)), Westfield ((WFD)), Mirvac ((MGR)) and Goodman Group ((GMG)).

Target price is $2.04 Current Price is $2.19 Difference: minus $0.15(current price is over target). If SCP meets the Credit Suisse target it will return approximately minus 7%(excluding dividends, fees and charges - negative figures indicate an expected loss).

Credit Suisse forecasts a full year FY17 dividend of 13.00 cents and EPS of 14.00 cents.At the last closing share price the estimated dividend yield is 5.94%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.64.

Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 13.00 cents and EPS of 14.90 cents.At the last closing share price the estimated dividend yield is 5.94%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.70.

Credit Suisse forecasts a full year FY17 dividend of 50.50 cents and EPS of 15.54 cents.At the last closing share price the estimated dividend yield is 4.87%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 66.73.

Current consensus DPS estimate is 50.9, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 38.7.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 56.50 cents and EPS of 20.85 cents.At the last closing share price the estimated dividend yield is 5.45%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.74.

Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 6.9.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 24.70 cents and EPS of 49.40 cents.At the last closing share price the estimated dividend yield is 8.43%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.93.

Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 7.6.

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

ADDED

Deutsche Bank rates WHC as Hold (3) -

December production fell short of Deutsche Bank's expectations and Narrabri issues, dubbed "unfavourable ground conditions", are to blame. Realised met coal pricing also disappointed, say the analysts.

Estimates have been lowered. The analysts note free cash flow is accumulating rapidly, allowing for firm de-gearing of the balance sheet, but valuation remains an impediment to change the Hold rating. Price target loses 10c to $3.00.

Target price is $3.00 Current Price is $2.93 Difference: $0.07If WHC meets the Deutsche Bank target it will return approximately 2%(excluding dividends, fees and charges).

Deutsche Bank forecasts a full year FY17 dividend of 8.00 cents and EPS of 42.00 cents.At the last closing share price the estimated dividend yield is 2.73%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.98.

Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 6.9.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 18.00 cents and EPS of 36.00 cents.At the last closing share price the estimated dividend yield is 6.14%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.14.

Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 7.6.

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates WHC as Hold (3) -

Clearly, observes stockbroker Morgans, this company is making hay while the sun shines. It looks like full year guidance will be achieved, despite some disruption. Shareholders may well start anticipating the return of dividends.

Morgans finds the share price is probably a little ahead of fundamentals. Plus the predictability of earnings is to become less predictable. Hold rating retained. Target jumps to $2.85 from $2.64.

Target price is $2.85 Current Price is $2.93 Difference: minus $0.08(current price is over target). If WHC meets the Morgans target it will return approximately minus 3%(excluding dividends, fees and charges - negative figures indicate an expected loss).

Ord Minnett forecasts a full year FY17 dividend of 5.00 cents and EPS of 40.00 cents.At the last closing share price the estimated dividend yield is 1.71%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.33.

Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 6.9.

Forecast for FY18:

Ord Minnett forecasts a full year FY18 dividend of 17.00 cents and EPS of 35.00 cents.At the last closing share price the estimated dividend yield is 5.80%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.37.

Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 7.6.

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates WHC as Neutral (3) -

Wet weather impacted production at Narrabri and Werris Creek in the Dec Q, leaving Maules Creek to carry the can and provide for only a 2% reduction in coal output. Sales were stronger for the quarter, the broker notes.

The broker has slightly increased its coal price assumptions but retains a target of $2.90 for Whitehaven, and a Neutral rating.

Target price is $2.90 Current Price is $2.93 Difference: minus $0.03(current price is over target). If WHC meets the UBS target it will return approximately minus 1%(excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 6.9.

Forecast for FY18:

UBS forecasts a full year FY18 dividend of 20.00 cents and EPS of 41.00 cents.At the last closing share price the estimated dividend yield is 6.83%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.15.

RATING SUMMARY

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